Southeast Europe—focused multiplay telco United Group is to acquire Nova Broadcasting Group, Bulgaria’s largest multi-platform media company, from Advance Media Group.
The transaction is expected to close early in 2021 and is subject to customary regulatory approvals.
Nova comprises 10 TV channels, including national NOVA TV; the country’s largest online platform Net Info that reach on average 80 per cent of the Bulgarian population every month as well as four radio stations.
“We’re very pleased with this agreement,” stated Victoriya Boklag, CEO United Group. “We are buying a successful company from two prominent entrepreneurs with great prospects for further growth within United Group. The acquisition is in line with the overall strategy of United Group to own both telecom and media assets in the markets we serve. Nova Broadcasting Group complements our existing media assets and I’m confident we’ll find many synergies between them, which gives us scale on each market to further invest in local content and quickly reach audiences.”
“This transaction is a great success and a great opportunity for Nova, its viewers and clients,” added Georgi Domuschiev, CEO, Advance Media Group. “I would like to thank everyone who has helped us grow Bulgaria’s leading commercial media group. The deal with United Group will ensure the continued development of Nova.”
The investment marks the fourth large-scale transaction since BC Partners acquired United Group in March 2019.